What makes certain groups more prestigious than others besides brand name? Is it the their deal flow?
For Ex:
Comparing Lazard’s NYC M&A group to Moelis’s NYC M&A group.
This sound obvious to a lot but I literally have no idea.
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Whoever talks the most shit
Ah I see.
Whichever team MDs have the hotter wives / hoes
Wow GS must be run by a bunch of ballers.
That hardly be news laddy
Thanks that makes a lot of sense.
Yes its largely deal flow.
Deal flow is important because its what builds your experience, which is really what you're looking for in the overall IB game. You give them 2 years of your life, they give you some money, that's not a great trade on its own. It becomes a great trade if they can also teach you a lot and leave you well prepared for other opportunities down the road.
Better groups offer better deal flow by way of (i) a better ratio of live deals to pitches and (ii) when market deal volume is thin, better groups are still getting some deal flow while weaker groups are not.
Better groups may also have somewhat stronger connections to PE clients and thus a slightly stronger pipeline to PE, but I would call that a smaller advantage because the PE firms still want the best overall people and are thus motivated to look beyond simply the banking groups they know best.
FYI, you say Lazard M&A and Moelis M&A but the boutiques are already all M&A (aside from restructuring) so the groups are really the industry teams within M&A. It would be Lazard Energy vs. Moelis Energy, for example.
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